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The Journal of Structured Finance
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The Journal of Structured Finance

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Primary Article

The Nature of PFI

Teresa de Lemos, Martin Betts, David Eaton and Luis Tadeu de Almeida
The Journal of Structured Finance Spring 2003, 9 (1) 59-75; DOI: https://doi.org/10.3905/jsf.2003.320306
Teresa de Lemos
A Ph.D. in Engineering and Industrial Management and assistant professor at the Center of Business Studies of IST in Lisbon,Portugal.
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  • For correspondence: teresa.lemos@ist.utl.pt
Martin Betts
A professor and the head of the School of Construction and Property Management at the University of Salford in Greater Manchester, U.K.
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  • For correspondence: m.betts@salford.ac.uk
David Eaton
The director of the Centre for Risk Management Research, and senior lecturer at the School of Construction and Property Management at the University of Salford in Greater Manchester, U.K.
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  • For correspondence: d.eaton@salford.ac.uk
Luis Tadeu de Almeida
A full professor at the Center of Business Studies of IST In Lisbon, Portugal.
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Abstract

This article proposes a U.K. Private Finance Initiative (PFI) holistic and integrative con-ceptual model that integrates a hierarchy of four levels of concepts: government ideology, principles, practices, and tools. The PFI life cycle process, value chain, and value-delivery network are also mapped. PFI is as a novel way to do business, and requires the establishment of a long-term relationship. PFI is an innovative concession as it relates the revenues for the private partner solely to the provision of a service, which in turn is performance related. To assess PFI success or failure is still premature because of the long life cycle of PFI projects, 20 to 30 years, and most projects have not yet been in operation for 10 years. In addition, based on the empirical data from the research and recurring to business information sources and academic studies on PFI (still very limited), the article addresses two important issues that emerged from the introduction of PFI: first the change in organizational culture brought about by a move into the services sector, coupled with the need to deal with long-term issues, followed by the financing structure, that is, the balancing of debt and equity and the hypothesis of considering bond issues to finance senior debt.

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The Journal of Structured Finance
Vol. 9, Issue 1
Spring 2003
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The Nature of PFI
Teresa de Lemos, Martin Betts, David Eaton, Luis Tadeu de Almeida
The Journal of Structured Finance Apr 2003, 9 (1) 59-75; DOI: 10.3905/jsf.2003.320306

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The Nature of PFI
Teresa de Lemos, Martin Betts, David Eaton, Luis Tadeu de Almeida
The Journal of Structured Finance Apr 2003, 9 (1) 59-75; DOI: 10.3905/jsf.2003.320306
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